Thomas Carlyle, historian and writer during the Victorian Era, once wrote, “There are but two ways of paying debt: increase of industry in raising income, increase of thrift in laying out.” One of the contributors of the worsening worldwide economic slowdown is the bad debts from credit cards. Millions of dollars have sunk into credit card debts since many people relied on the plastic to purchase things—from a six-pack of soda to an LCD television. Instead of taking out a fast cash loan [http://www.paydaycashloan.com.au/how-it-works.php], which is more financially manageable in the long run, for important purchases or financial emergencies, people tend to max out their credit cards and go into debt.
In these hard financial times, it is important to know how to manage one’s financial resources and expenses. To rephrase Carlyle, if people have a hard time increasing their income, then they should tighten their money belt and be watchful in their spending. According to a survey done in April by the Nielsen Global Consumer Index, global consumer confidence dropped to a new record average lows of 77 points, from a high of 84. The dive in consumer confidence is anticipated to lead a drop in consumption. The survey also showed that Indonesia has the highest consumer confidence rating, posting 104 points. On the other hand, Korea placed at the bottom of the list, having the lowest confidence rating of 31 points. In a way, these data cuts both ways: it could mean that people are spending less and saving their money or they don’t have enough money to spend. Either way, the important thing for people to learn is to set good financial priorities, which does not mean depriving them of what they want; they just have to choose carefully where and when to spend their hard earned cash.
Despite the hard times, people must cultivate a positive outlook on their finances, including their earnings or job prospects. For employees, for example, even if they suffer pay cuts, they still have the option to apply for payday advances against their regular salaries if need be. In setting financial priorities nowadays, employees and their families must prioritize putting a portion of their earnings or income into savings, rather than spend most of it to buy clothes and technology products such as mobile phones and personal computers. After saving some, the next financial priority is to pay off debts, particularly from credit card bills. Last but not the least, investing in retirement funds should also be given financial importance.
In these hard financial times, it is important to know how to manage one’s financial resources and expenses. To rephrase Carlyle, if people have a hard time increasing their income, then they should tighten their money belt and be watchful in their spending. According to a survey done in April by the Nielsen Global Consumer Index, global consumer confidence dropped to a new record average lows of 77 points, from a high of 84. The dive in consumer confidence is anticipated to lead a drop in consumption. The survey also showed that Indonesia has the highest consumer confidence rating, posting 104 points. On the other hand, Korea placed at the bottom of the list, having the lowest confidence rating of 31 points. In a way, these data cuts both ways: it could mean that people are spending less and saving their money or they don’t have enough money to spend. Either way, the important thing for people to learn is to set good financial priorities, which does not mean depriving them of what they want; they just have to choose carefully where and when to spend their hard earned cash.
Despite the hard times, people must cultivate a positive outlook on their finances, including their earnings or job prospects. For employees, for example, even if they suffer pay cuts, they still have the option to apply for payday advances against their regular salaries if need be. In setting financial priorities nowadays, employees and their families must prioritize putting a portion of their earnings or income into savings, rather than spend most of it to buy clothes and technology products such as mobile phones and personal computers. After saving some, the next financial priority is to pay off debts, particularly from credit card bills. Last but not the least, investing in retirement funds should also be given financial importance.